$RDVT
Red Violet, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019818 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $14.68M $14.63M $13.07M
YoY Change 17.5% 14.9% 16.09%
Cost Of Revenue $3.240M $3.179M $3.054M
YoY Change 10.96% 0.28% 4.34%
Gross Profit $11.44M $11.45M $10.02M
YoY Change 19.49% 19.75% 20.21%
Gross Profit Margin 77.93% 78.26% 76.63%
Selling, General & Admin $8.153M $9.130M $10.12M
YoY Change 0.38% 17.9% 19.7%
% of Gross Profit 71.27% 79.76% 101.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.054M $1.916M $1.815M
YoY Change 27.34% 24.9% 23.81%
% of Gross Profit 17.95% 16.74% 18.12%
Operating Expenses $8.153M $9.130M $11.93M
YoY Change -16.25% 17.9% 20.31%
Operating Profit $1.233M $401.0K -$1.917M
YoY Change -865.84% 42.7% 20.79%
Interest Expense $315.0K $286.0K $225.0K
YoY Change 22400.0%
% of Operating Profit 25.55% 71.32%
Other Income/Expense, Net
YoY Change
Pretax Income $1.548M $687.0K -$1.692M
YoY Change -1061.49% 143.62% 6.68%
Income Tax $160.0K -$29.00K -$148.0K
% Of Pretax Income 10.34% -4.22%
Net Earnings $1.388M $716.0K -$1.544M
YoY Change -777.07% 569.16% -13.45%
Net Earnings / Revenue 9.46% 4.9% -11.81%
Basic Earnings Per Share $0.10 $0.05
Diluted Earnings Per Share $0.10 $0.05 -$0.11
COMMON SHARES
Basic Shares Outstanding 13.92M 13.96M 13.89M
Diluted Shares Outstanding 14.17M 14.24M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.37M $30.82M $31.81M
YoY Change -2.97% -11.38% -7.15%
Cash & Equivalents $31.37M $30.82M $31.81M
Short-Term Investments
Other Short-Term Assets $1.325M $1.310M $771.0K
YoY Change 39.03% 21.18% 28.71%
Inventory
Prepaid Expenses
Receivables $6.556M $5.889M $5.535M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $39.25M $38.02M $38.12M
YoY Change 4.84% -5.94% -1.24%
LONG-TERM ASSETS
Property, Plant & Equipment $640.0K $692.0K $709.0K
YoY Change -69.01% 10.72% 22.88%
Goodwill $5.227M $5.227M $5.227M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $765.0K $894.0K $601.0K
YoY Change 458.39% 552.55% 338.69%
Total Long-Term Assets $40.63M $40.30M $39.30M
YoY Change 9.21% 10.96% 9.82%
TOTAL ASSETS
Total Short-Term Assets $39.25M $38.02M $38.12M
Total Long-Term Assets $40.63M $40.30M $39.30M
Total Assets $79.88M $78.32M $77.41M
YoY Change 7.01% 2.06% 4.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.694M $2.345M $2.229M
YoY Change 16.99% 5.02% 38.88%
Accrued Expenses $1.155M $1.122M $2.537M
YoY Change -9.84% 4.08% 150.69%
Deferred Revenue $627.0K $763.0K $670.0K
YoY Change 7.01% -20.33%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.476M $4.230M $5.436M
YoY Change 3.73% 5.12% 57.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $222.0K $413.0K $598.0K
YoY Change -76.71% -63.26% -53.68%
Total Long-Term Liabilities $222.0K $413.0K $598.0K
YoY Change -76.71% -63.26% -53.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.476M $4.230M $5.436M
Total Long-Term Liabilities $222.0K $413.0K $598.0K
Total Liabilities $4.109M $4.900M $6.321M
YoY Change -12.56% -11.25% 27.77%
SHAREHOLDERS EQUITY
Retained Earnings -$19.30M -$20.69M -$21.40M
YoY Change -5.59% -2.8%
Common Stock $14.00K $14.00K $14.00K
YoY Change 0.0% 7.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $52.00K $201.0K $0.00
YoY Change
Treasury Stock Shares $10.94K $0.00
Shareholders Equity $75.77M $73.42M $71.09M
YoY Change
Total Liabilities & Shareholders Equity $79.88M $78.32M $77.41M
YoY Change 7.01% 2.06% 4.08%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $1.388M $716.0K -$1.544M
YoY Change -777.07% 569.16% -13.45%
Depreciation, Depletion And Amortization $2.054M $1.916M $1.815M
YoY Change 27.34% 24.9% 23.81%
Cash From Operating Activities $3.547M $1.531M $4.359M
YoY Change 40.48% -37.0% 123.42%
INVESTING ACTIVITIES
Capital Expenditures $2.243M $44.00K $2.419M
YoY Change -201.63% -61.06% -264.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.243M -$2.317M -$2.419M
YoY Change 1.63% 21.5% 64.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -754.0K -206.0K -1.403M
YoY Change -72.73% 3333.33% -106.88%
NET CHANGE
Cash From Operating Activities 3.547M 1.531M 4.359M
Cash From Investing Activities -2.243M -2.317M -2.419M
Cash From Financing Activities -754.0K -206.0K -1.403M
Net Change In Cash 550.0K -992.0K 537.0K
YoY Change -122.48% -291.88% -97.43%
FREE CASH FLOW
Cash From Operating Activities $3.547M $1.531M $4.359M
Capital Expenditures $2.243M $44.00K $2.419M
Free Cash Flow $1.304M $1.487M $1.940M
YoY Change -72.44% -35.82% -43.32%

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Paymentfortaxwithholdingrelatedtonetsharesettlementofvestingofrestrictedstockunits
31000
CY2022Q1 rdvt Paymentfortaxwithholdingrelatedtonetsharesettlementofvestingofrestrictedstockunits
Paymentfortaxwithholdingrelatedtonetsharesettlementofvestingofrestrictedstockunits
6000
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
175000
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-206000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-992000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
517000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
31810000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
34258000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30818000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
34775000
CY2023Q1 us-gaap Interest Paid
InterestPaid
0
CY2022Q1 us-gaap Interest Paid
InterestPaid
0
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1000
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
459000
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
301000
CY2023Q1 rdvt Retirement Of Treasury Stock
RetirementOfTreasuryStock
31000
CY2022Q1 rdvt Retirement Of Treasury Stock
RetirementOfTreasuryStock
6000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
716000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
107000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13997154
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13543607
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14236771
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14047635
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
763000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
670000
CY2023Q1 rdvt Contract With Customer Liability Revenue Recognized Period
ContractWithCustomerLiabilityRevenueRecognizedPeriod
P12M
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
283000
CY2023Q1 rdvt Revenue For Future Outstanding Performance Obligations
RevenueForFutureOutstandingPerformanceObligations
10614000
CY2023Q1 rdvt Revenue Remaining Performance Obligation Specified Period Over Which Subscription Contracts Terms Exceed
RevenueRemainingPerformanceObligationSpecifiedPeriodOverWhichSubscriptionContractsTermsExceed
P12M
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1858000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1472000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
6033000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
8029000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6863000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5381000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3755000
CY2023Q1 rdvt Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
2460000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
32521000
CY2023Q1 us-gaap Goodwill
Goodwill
5227000
CY2022Q4 us-gaap Goodwill
Goodwill
5227000
CY2023Q1 us-gaap New Date Of Annual Goodwill Impairment Test
NewDateOfAnnualGoodwillImpairmentTest
October 1
CY2022Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2023Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2023Q1 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
733000
CY2023Q1 us-gaap Accounts Receivable Related Parties Noncurrent
AccountsReceivableRelatedPartiesNoncurrent
757000
CY2022Q4 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
923000
CY2022Q4 us-gaap Accounts Receivable Related Parties Noncurrent
AccountsReceivableRelatedPartiesNoncurrent
464000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5904000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3858000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
708000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
136000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
8000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.04
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.62
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
greater than 50%
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
13961643
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
13956404
CY2023Q1 rdvt Treasury Stock Issued Shares
TreasuryStockIssuedShares
10937
CY2022Q4 rdvt Treasury Stock Issued Shares
TreasuryStockIssuedShares
0
CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000.0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3000000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1384000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1387000
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
459000
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
301000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1843000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1688000
CY2017Q1 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
21020
CY2017Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P89M
CY2017Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P60M
CY2017Q2 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
6003
CY2017Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P90M
CY2017Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P60M
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
168000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
168000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
190000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
184000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
575000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
542000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
77000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1194000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
711000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
413000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1124000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
70000
CY2023Q1 rdvt Cost Of Non Cancellable Data Licensing Agreements
CostOfNonCancellableDataLicensingAgreements
2361000
CY2022Q1 rdvt Cost Of Non Cancellable Data Licensing Agreements
CostOfNonCancellableDataLicensingAgreements
2248000
CY2023Q1 us-gaap Contractual Obligation
ContractualObligation
24983000
CY2023Q1 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
6108000
CY2023Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
7548000
CY2023Q1 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
7507000
CY2023Q1 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
3820000
CY2023Q1 us-gaap Contractual Obligation
ContractualObligation
24983000

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